Merchants Bank of Indiana is headquartered in CARMEL and is the 3rd largest bank in the state of Indiana. It is also the 113th largest bank in the nation. It was established in 1923 and as of December of 2023, it had grown to 582 employees at 6 locations. Merchants Bank of Indiana has an A health rating.
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7/28 - Merchants Bank of Indiana Flex CD and Money Market Rates Leap Up
7/26 - MBoI Money Market Savings Finally At 5% APY
5/4 - Money Market Increased To 4.75%
3/24 - Merchants Bank of Indiana Flex CD and Money Market Rates Jump Up
3/23 - Merchants Bank Of Indiana's Money Market Lifts Off To 4.50% APY
2/3 - Merchants Bank of Indiana Boosts Flex CD Rates and Money Market Rate
2/2 - Finally, A Certificate Of Deposit That Keeps Pace With A Changing Rate Environment, Now 5.13% APY
2/2 - Merchants Bank Of Indiana's Money Market Lifts Off To 4.34% APY
12/15 - 4.08% APY Money Market Checking
12/15 - Merchants Bank Of Indiana's Money Market Savings Edges Up To 4.08% APY
11/4 - Merchants Bank of Indiana Money Market Retakes Rate-Leader Status
11/3 - Merchants Bank Of Indiana's Money Market Jumps To 3.82% APY On November 3
9/27 - Merchants Bank of Indiana Money Market Account Is Near Rate Leader
9/22 - Merchants Bank Of Indiana Raises Money Market Savings To 3.05% APY
9/22 - Merchants Bank Of Indiana Raises 12, 24, And 36-Month Flex Index CD Rates To 3.56% APY
7/29 - Merchants Bank of Indiana Money Market Account Is New Rate Leader
7/29 - Money Market Account Now Earns 2.28% APY
6/21 - Merchants Bank of Indiana Hikes Money Market Account Rate Again
6/16 - Merchants Bank Of Indiana's Money Market Savings Climbs To 1.51%
5/19 - Merchants Bank of Indiana Boosts Money Market Account Rate
Very Satisfied
Doing business with many banks in the USA I can state that Merchants BOI has been overall outstanding. Yes, they could use some tweeks in the new online account app. I can only imagine what their new customer account application numbers looked like, consistently being in the top 10 banks paying the highest interest rates in the nation. I have only had superb customer service from employees like Austin, Schroeder and Matney and others. I appreciate them.
Flex Index CD Annual Percentage Yield (APY)Interest Rate Is Based On A Prime Rate Index Minus A Margin Of 2.75%, With A Floor Of 0%
Interest rate may change at any time based on changes in the index. Interest rate is based on a Prime Rate index minus a margin of 2.75%, with a floor of 0%. Flex Index CD Annual Percentage Yield (APY) is current as of 02/02/2023
Flexible Rate CD Can Decline In APY During CD's Term
I spoke to a rep at this bank today. It was very easy to contact them and they were polite. I found out that flexible rate ('Flex-Index') CDs can decline in rates as well as rise during the CD's term. So long-term CDs of this nature are probably not good idea.
RUDE Employees
Marie if you are reading this, then this is for you. Please do something about your tone and attitude. We the customers are the reason your employer's business exits, please learn to talk politely.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8056 |
| Year Established | 1923 |
| Employees | 582 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.84% |
| Return on Equity - YTD | 18.26% |
| Annual Interest Income | $1.06B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $16.64B$12.35B |
| Loans | Q4 2023vs Q4 2022 | $13.2B$10.29B |
| Deposits | Q4 2023vs Q4 2022 | $13.87B$9.93B |
| Equity Capital | Q4 2023vs Q4 2022 | $1.65B$1.37B |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $71.2MM$43.3MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $81.5MM$26.3MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $112K$0 |